Macroeconomics

1. [Monetary Policy] The Central Bank has released its Report on the Implementation of China's Monetary Policy for the First Quarter of 2026. The report outlines a commitment to continue effectively implementing a moderately accommodative monetary policy. It emphasizes enhancing the forward-looking nature, flexibility, and targeted precision of policies; carefully calibrating the intensity, pace, and timing of policy implementation; strengthening the coordination and synergy between monetary and fiscal policies; and ensuring the smooth transmission of monetary policy mechanisms to foster stable economic growth and a reasonable recovery in price levels. The Central Bank pledges to flexibly utilize a diverse range of monetary policy tools to maintain ample liquidity and relatively accommodative social financing conditions. Furthermore, it aims to guide the reasonable growth of aggregate financing and the balanced distribution of credit, ensuring that the growth in the scale of social financing and the money supply aligns with the targeted objectives for economic growth and the general price level.

2. [Automotive Sector] According to the China Association of Automobile Manufacturers (CAAM), in April, my country's production and sales of new energy vehicles (NEVs) reached 1.32 million and 1.344 million units, respectively—representing year-on-year increases of 5.5% and 9.7%. Notably, NEV sales accounted for 53.2% of total new vehicle sales during the month. Regarding exports, NEV exports totaled 430,000 units, marking a 1.1-fold year-on-year increase.

3. [Indonesia Export Taxes] The Indonesian government has announced a temporary suspension of its previously planned new scheme to increase mining royalties and associated export taxes on mineral products. A final decision will be deferred until after the government has re-evaluated feedback received from various stakeholders and refined the underlying calculation formulas.

Plastics and Rubber

1. [LLDPE] On May 11, BASF Zhanjiang’s 500,000-ton/year full-density polyethylene plant was shut down.

2. [SBR] On May 11, PetroChina Northeast Marketing Company lowered the price of emulsion-polymerized Styrene-Butadiene Rubber (SBR) by 200 RMB/ton. Currently, Jihua 1502 is quoted at 15,600 RMB/ton (Northeast warehouse pickup price); Fushun 1502 is quoted at 15,600 RMB/ton (Northeast warehouse pickup price).

3. [BR] On May 11, PetroChina Northeast Marketing Company’s latest price for Butadiene Rubber (BR) was lowered by 300 RMB/ton. Currently, Daqing and Jinzhou BR are quoted at an ex-factory price of 15,300 RMB/ton (Northeast warehouse pickup price).

4. [Natural Rubber] On May 11, the natural rubber market in the Shanghai region underwent consolidation, with traders slightly lowering their offers by 100–200 RMB/ton. Mainstream quotes for 2024-vintage Yunbao/Guangkeng grades ranged from 17,650 to 17,800 RMB/ton; 2024-vintage Haibao grades ranged from 17,700 to 17,850 RMB/ton; 2025-vintage Haibao grades ranged from 17,800 to 18,000 RMB/ton; and Vietnamese 3L grades ranged from 17,850 to 18,050 RMB/ton.

5. [Natural Rubber] On May 11, the market for natural rubber raw materials in Thailand’s production regions saw price increases. Smoked sheets were quoted at 90.00 THB/kg (up 1.00 THB/kg); latex was quoted at 86.00 THB/kg (up 1.25 THB/kg); and cup lump was quoted at 70.50 THB/kg (up 1.50 THB/kg).

6. [Natural Rubber] In March 2026, the United States imported 64,000 tons of natural rubber—a month-on-month increase of 16.8% but a year-on-year decrease of 23.3%. For the period from January to March 2026, total natural rubber imports amounted to 177,000 tons, representing a year-on-year decrease of 17.5%.

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